For more than a year, Las Vegas has been doing everything it can to boost tourism and gaming revenue. It seems that these efforts are finally beginning to pay off. New reports claim that the economy of Las Vegas is recovering faster than many analysts initially expected.
It’s exciting news for many of the individuals and businesses here. Las Vegas has faced some serious adversity over the past year. Today, we’ll discuss how things are improving in the city.
Let’s get into it!
Casino Companies are Reporting Big Revenue Increases
There have been countless reports documenting the struggle that the US casino industry has faced over the past year. As most are aware, casinos were forced to be shut down for months in 2020. Even after reopening, the majority of them saw very little revenue coming in throughout the year.
Gaming analysts were torn on how long this situation would last. Some feared that the major casino-resorts in Las Vegas would be forced to file for bankruptcy. Without players, these venues simply cannot survive.
2021 is already proving to be a far more successful year for this industry. Vaccine distribution is ramping up around the United States. As a result, more individuals are making the trip to major gambling hubs such as Las Vegas.
Casino companies are now reporting large increases in their revenue figures. That includes companies like MGM Resorts International and Wynn Resorts. Based on the current trend, these revenue figures will continue to increase as the year goes on.
Las Vegas Sands may be somewhat disappointed at the surge of gaming revenue in Las Vegas. Not long ago, the company sold several major properties in this city to focus more on operations in Macau. That may have been a mistake.
All eyes are now on Las Vegas and the tourism situation here. Fortunately, it seems that things are improving here much faster than most anticipated.
Here’s an Update on the Economy of Las Vegas
The city of Las Vegas remains the biggest gambling hub in the world. It’s here that many multi-billion-dollar gaming venues are up and running. It was also the worst-affected city in the country from an economic standpoint due to the events that unfolded last year.
There have been serious debates raging over how the economy of Las Vegas will fare throughout 2021. There is good news on that front. The city’s tourism and gaming industry are bouncing back quicker than just about everyone anticipated.
Reports are now indicating that resort foot traffic and occupancy levels are quickly reaching pre-pandemic levels. In fact, hotel occupancy is at about 95% during most weekends. That is a staggering increase from just one month ago.
Even midweek visits to Las Vegas are surging right now. It’s becoming clear that many people around the country are taking long-overdue vacations to the city. Special deals and discounted entertainment options are helping to fuel this recovery.
Prominent gaming analyst John DeCree spoke with the Las Vegas Review-Journal this week about the economic boom here.
“There is a significant pent-up demand for entertainment from the US consumer, and Las Vegas is the entertainment capital of the US,” he said. “With limited entertainment options over the past year, and national savings levels at record highs, coupled with robust stimulus from the federal government, we believe consumer entertainment such as Las Vegas will be the recovery ladder.”
This has to be the most exciting news for casino companies to hear in quite some time. Las Vegas is recovering in a big way. We’ll be sure to continue offering updates on the economic situation here over the next few weeks.
Will More US Casino Companies Focus on Macau This Year?
The country’s gambling industry has been through a lot over the past year. For a time, it seemed as if Macau would end up being a saving grace for the country’s biggest gaming hubs. That didn’t necessarily end up being the case.
In fact, Macau’s recovery has been significantly slower than many expected. Many intense travel restrictions have been set in place to and from Mainland China. As a result, tourism and gaming revenue here has remained low.
Some of the biggest US casino companies own and operate many casino-resorts in Macau. MGM Resorts, Wynn Resorts, and Las Vegas Sands all own gaming venues here. Some are now wondering whether or not these venues will end up out-performing the ones in Las Vegas.
Based on the current trends, that doesn’t appear to be the case. The economy of Las Vegas is improving in a big way recently. Macau may end up taking longer to see the same type of recovery.
Things are still changing at the drop of a hat, though. No one really knows how the world’s land-based gambling industry will be looking in just a few months. Stay tuned for more information on how this industry is faring as the months go on.
Are you surprised to see how quickly Las Vegas is recovering? Do you think we’ll see pre-pandemic revenue figures this year? Let us know in the comments section below.